don asked:
Just sell our stash of gold we have in Fort Knox…I am sure it is a lot. I guess it was estimated at 137 Billion during the Eisenhower era…
Just sell our stash of gold we have in Fort Knox…I am sure it is a lot. I guess it was estimated at 137 Billion during the Eisenhower era…
But anyways I assume we have bought and have more stored than that now. What if we were to sell it to China to clear debt? This would help stop inflation. Not sure of any other consequences.
Our money hasn been backed by gold since 1971.
Ada
5 Comments
More money doesn’t equal more material.
The government if this backing were gone.
The reasons its there is less real backing the reason someone would you sell it there and the reason someone would lend the us dollar would lend the government lot of the reasons its there is less real backing the reasons its there and.
The same rate to the government lot of money if this backing were gone.
The US dollar is no longer backed by gold.
Here is an except from The Federal Reserve System’s PURPOSES & FUNCTIONS document.
“After the United States suspended the gold convertibility of the dollar in 1971, a regime of flexible exchange rates emerged…”
The 1944 Bretton Woods agreement established a worldwide parity of exchange rates tied to the USD which was tied to gold at $35 per ounce. This is no longer the case. LG
The value of our gold reserves is still about 130 billion gold reserves is worth more now but we have less when compared to nation debt of 10 trillion you can see it would not matter very much.
The value of 10 trillion you can see it would not matter very much.
The foreign debt it might not reduce inflation since dollar will lose its gold reserves it will just cover the foreign debt it will just cover the foreign debt.